Politicians in the United States have urged business people to “rise up to defend democracy” and “show moral clarity and speak up … this is the moment.”
In the past, many have dismissed such warnings as overreactions or just noise. But as the second Trump administration aggressively wields the power of the federal government to attack its perceived enemies and punish anyone who dares oppose them, that position is becoming difficult to sustain. As we witness the demolition not just of the East Wing of the White House but of the country’s norms and democratic guardrails, we stand at a critical juncture, a 5-alarm fire: American citizens are afraid to speak out against their own government; our rights, freedoms, civil liberties, and ability to freely choose our elected leaders and govern ourselves are in grave danger. While Trump is often portrayed as pro-business, his second administration has breached all norms and precedents restraining federal power over private enterprise. What actions can executives, business owners and employees take?
Kowtowing to President Trump seem like an expedient way to generate short-term profits. But appeasement strengthens authoritarian forces and accelerates the collapse of democracy, and business leaders should keep in mind that their autocrat ‘friends’ may turn against them in the future. This has happed in Viktor Orbán’s Hungary, which provides the template and the blueprint for Project 2025. The second Trump administration has already created a loyalty scorecard for business. What else lies ahead for companies not willing to accede to the administration’s preferences? Will businesspeople deemed insufficiently loyal to the MAGA-Trump agenda face special IRS tax audits, DOJ investigations, have their contracts rescinded, or be forced to sell their businesses to MAGA allies or to the federal government?
Remaining silent seems like a prudent way to reduce short term risks, but this does nothing to help slow down the erosion of democracy, reduce long-term risks, or stave off rising corruption and economic decline. If businesspeople prefer to remain below the radar screen because they prioritize short-term profits and shareholder value, what societal costs and damage are you willing to accept to achieve that goal? Do you want to be remembered as a gravedigger of American democracy, as someone who willingly sacrificed democracy to ensure your short-term business success?
Business people can stand up and support the right to free speech, the Constitution, the rule of law, due process, and free and fair elections. They can condemn dangerous anti-democratic behavior such as political violence and intimidation, the militarization of our streets and cities, and viewing each other as enemies rather than as fellow citizens. These are not highly partisan issues; they have broad support in the population, but reaffirming support for them can make a difference in these perilous times. You can make these points to your political representatives, or speak to journalists, or to your local, regional, or state-level chamber of commerce or national business organization. You can support legal initiatives against executive overreach as well as pro-democracy politicians and business organizations.
Both cautious and bold, loud, clear, visible actions with staying power are essential for defending democracy against authoritarian attacks. Do not comply if the government makes illegal or unconstitutional requests. Since challenging autocrats directly can lead to retribution, pro-democracy movements need courageous business leaders who are willing to take these risks and absorb the costs. Business leaders should also seek opportunities to stand alongside other important actors and institutions: collective action and safety in numbers is essential. Business people can make the business case for democracy and pluralism and the rule of law. Anti-pluralism and closed societies are not only a threat to democracy; they are also economically damaging.
The November 2025 election results are encouraging; they show that the violation of basic constitutional norms and democratic rights and freedoms is having an effect. But the road ahead is long. Although there aren’t any silver bullets to save democracy, business actions matter; they can tip the scale between democratic survival and authoritarian collapse. If public opinion continues to turn against the government and the second Trump presidency ends up being viewed as a failure, companies that have aligned themselves with the government may sustain reputational damage and lose customers as well as employees. Fighting for democracy sometimes has lower costs than appeasement.
And if the autocratic project succeeds, some CEOs may ponder whether it was really a good deal to sacrifice our rights, freedom and self-governance to ensure short-term profits. A groundswell of support for the American experiment in democratic self-governance will increase its chances of success and strengthen the associated business case. Business defenders of democracy should stand up, speak out and engage in collective action with each other and with civil society. The time to act is now, or as soon as the next red lines are crossed.
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